The Central Bank of Nigeria, CBN, has raised the Monetary Policy Rate, MPR, its benchmark interest rate to 24.75% representing a 200 basis points increase from 22.75% in February.
Speaking at the end of the Monetary Policy Committee, MPC, meeting yesterday, Central Bank Governor, Mr. Olayemi Cardoso added that the bank retained the Cash Reserve Ratio, CRR of commercial banks to 45% but adjusted upward the CRR of merchant banks from 10% to 14%.
The Apex Bank also retained the liquidity ratio of banks at 30%.
READ ALSO: Onyeka Onwenu Working On A Film About Her Music Journey
Mr. Cardoso says the moves are part of efforts to combat the country’s rising inflationary rate which was pegged at 31.70 percent in February.
The CBN Governor also noted that MPC members believe the headline inflation in the country is triggered mostly by a hike in the cost of food.
Leave feedback about this